Developer nears P24.8-B leasing goal, plans industrial REIT

A property developer is closing in on its target %u20B124.8-billion leasing portfolio and is preparing to launch the country’s first industrial real estate investment trust (REIT), following the full leasing of a major warehouse complex in Cebu.

In a disclosure to the Philippine Stock Exchange, the company said its five-hectare CentralHub industrial site in Cebu has been fully pre-leased, bringing its total completed recurring revenue-generating portfolio to 1.5 million square meters of gross floor area (GFA). The milestone is part of a broader strategy to expand its industrial holdings nationwide.

The industrial sites are managed under CentralHub, a joint venture between the developer and fast-food giant Jollibee Foods Corporation. The Cebu facility joins a portfolio of warehouse hubs located across Luzon, Visayas, and Mindanao. These include the country’s largest commissary and distribution center of Jollibee in Laguna.

According to the developer, the completed portfolio includes a mix of community malls, warehouses, and commercial properties even in underserved markets such as Basilan and Sulu in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

The firm’s leasing strategy is tied to plans to list what could be the first industrial REIT in the country. The Securities and Exchange Commission (SEC) has so far approved office, retail, and residential REITs, but none yet focused solely on logistics and warehousing.

The developer said it is currently positioning the CentralHub brand to serve high-growth demand for industrial space, driven by supply chain diversification and increased domestic manufacturing activity.

In addition to its Philippine assets, the firm also operates Hotel101 Global, a hospitality subsidiary that is set to complete its first international project in Madrid, Spain. The company aims to establish a presence in 25 countries within three years, and up to 100 countries over the longer term, with a goal of one million hotel rooms under the Hotel101 brand.

With its industrial portfolio nearing full maturity and recurring income streams expanding, the developer said it remains on track to complete its planned REIT listing by 2025, positioning itself as a first mover in the country’s industrial leasing sector.